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Home Health & Hospice Week

Industry Notes:

Say Goodbye To Extra 1099 Reporting For Sure

Published on Thu Mar 24, 2011

On April 14, President Obama signed into law legislation removing the extra 1099 tax  reporting requirements. Small businesses are cheering the move. Background: The Internal Revenue Service requires businesses to issue a Form 1099 to individuals or unincorporated businesses paid $600 per year for services rendered. The Affordable Care Act health care reform law enacted last year would have expanded 1099 reporting by requiring businesses to report payments for goods as well as services, and extended 1099 reporting to transactions between businesses as opposed to limiting requirement to payments to individuals.
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